XML 48 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
11. Debt
Long-term debt at December 31 was:
in $ millionsEffective interest rate20242023
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
1.875% euro Senior Notes due 2024
2.02 %–663
3.875% Senior Notes due 2025
3.93 %1,2501,250
1.250% euro Senior Notes due 2026
1.25 %780829
3.400% Senior Notes due 2027
3.49 %600600
4.000% euro Senior Notes due 2027
4.13 %520553
3.950% Senior Notes due 2028
4.07 %900900
1.375% euro Senior Notes due 2028
1.42 %624663
5.200% Senior Notes due 2029
5.30 %750–
4.125% Sterling Senior Notes due 2029
4.22 %501509
1.625% euro Senior Notes due 2030
1.72 %780829
4.000% euro Senior Notes due 2031
4.10 %780829
6.400% Senior Notes due 2033 (i)
6.43 %213213
5.400% Senior Notes due 2034
5.52 %750–
4.250% euro Senior Notes due 2035
4.38 %780829
5.125% Senior Notes due 2045
5.25 %500500
4.400% Senior Notes due 2047
4.44 %400400
4.500% Senior Notes due 2048
4.63 %600600
USD interest bearing loan due 20264.96 %750–
PHP interest bearing loan due 20275.97 %379396
AUD interest bearing loan due 20295.07 %478–
U.S. Dollar Commercial Paper4.77 %1,1891,002
Euro Commercial Paper3.08 %347–
Other4837
Unamortized discounts and debt issuance costs(68)(67)
Total long-term debt (ii)13,85111,535
Less: current portion of long-term debt (iii)(2,882)(1,759)
Long-term debt10,9699,776
(i)     The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by CRH as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Consolidated Balance Sheets was $27 million and $30 million at December 31, 2024 and 2023, respectively.
(ii)     Of the Company’s nominal fixed rate debt at both December 31, 2024 and December 31, 2023, $1,375 million was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at December 31, 2024 and December 31, 2023, $140 million and $nil million, respectively, was hedged to fixed rates using interest rate swaps.
(iii)     Excludes borrowings from bank overdrafts of $117 million and $107 million, which are recorded within Current portion of long-term debt in the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively.
Senior Notes:
The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future unsubordinated indebtedness.
With the exception of the 6.400% Senior Notes due 2033, which can be redeemed at any time, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount.
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.875% Senior Notes due in 2025, 3.400% Senior Notes due in 2027, 3.950% Senior Notes due in 2028, 5.200% Senior Notes due 2029, 5.400% Senior Notes due 2034, 5.125% Senior Notes due in 2045, 4.400% Senior Notes due in 2047, and 4.500% Senior Notes due in 2048. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 3.875% Senior Notes due in 2025 and 5.125% Senior Notes due in 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
On January 9, 2024, the Company utilized available cash to fully redeem €600 million of outstanding 1.875% euro Senior Notes due January 2024.
In May 2024, the Company issued $750 million 5.200% Senior Notes due 2029 and $750 million 5.400% Senior Notes due 2034.
Australian (AUD) Debt:
In July 2024, the Company acquired Adbri who have committed credit agreements with a range of banks and credit institutions totaling AUD940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Philippines (PHP) Debt:
In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP12.5 billion for a 10-year term, which was later expanded to PHP22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates.
Bank Credit:
The Company maintains a multi-currency revolving credit arrangement with a syndicate of lenders (the ‘RCF’). The RCF offers a senior unsecured revolving facility of €3,500 million over five years. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, EURIBOR for euros, SONIA for Sterling, and SARON for Swiss Francs, respectively. The facility entails an annual commitment fee calculated as a percentage of the applicable margin.
During April 2024, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2029. The terms of the facility allow for one further plus-one (+1) extension option which, if successfully exercised with the agreement of the Lenders, would extend the maturity to May 11, 2030. The deferred financing costs associated with the RCF were $6 million at December 31, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
At December 31, 2024, and 2023, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facility available to be drawn by the Company at December 31, 2024, was $3,639 million (€3,500 million equivalent).
The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.
In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn.
At December 31, 2024, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either U.S Dollar or euro. The amount of commercial paper outstanding does not reduce available capacity under the RCF. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to December 31, 2024, are as follows:
in $ millions202520262027202820292030 and thereafterTotal
Long-term debt maturities2,8821,9231,4301,5061,2584,85213,851